• Revenues for the third quarter were $2.6 million compared to $60,228 in the prior-year period, a 4,242% increase 
• Gross profit for the third quarter was $2.4 million, compared to $21,000 in the prior-year period, an 11,505% increase. 
• Net income for the third quarter was $931,000 or $0.11 basic earnings per share compared to a loss of $0.18 per share in prior-year period 
• Working capital of $6.2 million 
• Stockholder equity rises to $17.6 million 

Commenting on the results, Scott Mathis, Chief Executive Officer of Gaucho Holdings, stated, "We are absolutely thrilled to report our first quarterly profit as a public company. Earlier this year, we completed an $8 million public offering and achieved our long-desired goal to uplist our shares to Nasdaq. Since then, we have taken significant strides to complete our vision of becoming recognized as the LVMH of South America. These strides include operating in the boutique hotel, hospitality and luxury vineyard property markets, featuring our 4,138-acre Algodon Wine Estates in Mendoza, Argentina. We have created an e-commerce platform, Gaucho - Buenos Aires™, for consumers to access Argentine style and high-end products with a concentration on leather goods and ready-to-wear accessories.”

"Our third-quarter financial results reflect early sales of real estate lots at our Algodon Wine Estates as well as a small increase in hotel, restaurant and wine sales after Argentine hotels reopened with COVID-19 measures in place. We are encouraged by the pace of lot sales occurring at Algodon Wine Estates. Recognition of revenue from these sales is contingent on deeding requirements, a process that has been made a bit more time-consuming given the pandemic environment. This pushed some revenues into the fourth quarter, but we are pursuing this process as quickly as possible, and we are encouraged by the pace of lot sales that we see in the fourth quarter and the environment for ongoing sales throughout next year.”

He added, “Argentina officially "reopened" from Covid related shutdowns, and as the world continues to reopen, we believe we will benefit from a surge in pent-up consumer demand for travel and luxury experiences. Over the years we have been opportunistic about acquiring new acreage, and our earlier engagement of architectural design firm EDSA has resulted in substantial improvements to the infrastructure and amenities of Algodon Wine Estates. Recently drilled water wells should further enhance the appeal and market value of these properties. And, lastly, as we have previously announced, we are actively seeking to partner with a 5-star hotel chain to potentially bring in an 80-120 room hotel with branded residences. If we are successful with finding a partner, we believe it can add immeasurable value and result in even stronger revenue growth at Algodon Wine Estates. We look forward to finishing the year strongly and growing even stronger in 2022."

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